MUMBAI: The Reserve Bank pumped in close to $100 million in the spot and forward markets on Tuesday after the rupee slumped to Rs 36.67. The reported move by MTNL to defer its GDR issue pressed the panic button. Opening at 36.57/59, the rupee slipped to 36.61/62 immediately and thereafter slumped to 36.67. "The RBI intervened at this level to help rupee appreciate to 36.62/63," a dealer in a private bank said. In Delhi, RBI govenor C Rangarjan said the "rupee will remain stable". The governor's statement is expected to have a cooling effect on the market.

FIIs allowed to buy Infosys shares

MUMBAI: The RBI has withdrawn the restrictions on further purchases of shares of Infosys Technologies by FIIs, NRIs and OCBs. As per the release issued on November 11, the restrictions placed in October have been removed because of the fall in FII holding to 26 per cent. However, these foreign entities will be allowed to increase their stake only after obtaining the clearance from RBI.

No sales load on Canganga units

MUMBAI: Canbank Mutual Fund is offering units of Canganga without any sales load up to March 31, 1998. Canganga, which was launched in February 1995, is an open-ended scheme which had opened for sales and repurchases in May 1995. The sales load on Canganga units is five per cent.

SPIC net profit stagnant

MUMBAI: The net profit of SPIC Ltd for the six-month period ended September 1997 amounted to Rs 24.02 crore (Rs 23.14 crore), but gross sales/income from operations rose sharply to Rs 1075.43 crore from Rs 735.45 crore. The gross profit amounted to Rs 51.47 crore. The provision for depreciation is at Rs 27.25 crore and no provision for taxation has been made.

Goa Shipyard bags export orders

MUMBAI: The Vasco-based public sector yard, Goa Shipyard Ltd, has received an order for the fabrication of two large special purpose dockside cranes to be constructed under a joint agreement with FIGEE of the Netherlands. Both companies entered into a protocol of understanding for fabricating the cranes last week. ``This is probably the first time that such cranes are being manufactured in the country,'' B R Menon, GSL's Chairman and Managing Director said.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.